Credit Scores

[Tedderbear]

Ok everyone- question- i checked my credit reports and all of them are reporting that i have filed for bankruptcy. Will my scores go up or down after discharge? I'm wondering if my scores dropped after that was filed? Please help me out. Thanks for all the love!

[FilingOnMyOwn]

Your score will drop when you file bk. Then your scores will rise inevitably once you become debt free through discharge, after your reports are correctly showing 0 balances on old accounts.

[SinkingFast]

From my research, not personal experience speaking here yet,..........

Your Credit Scores will take a big hit for filing BK. BK and Foreclosure are the 2 biggest dings you have hit your Credit Scores.

But as FOMO said, as the debt load begins to drop off, you'll see an rise in your Scores. Carrying a lot of unsecured debt is a big drag on Credit Scores too. So once the debt disappears, you should see a rise from that weight being lifted off.

Next, you need to check your Credit Reports regularly. Dispute any incorrectly reported items. Fixing errors helps to increase your scores as well.

Finally, get some new positive reporting tradelines going for you. Positive reporting tradelines will have the most positive effect toward boosting your scores post BK. Go for a balance of types of Credit. Not all CC's. Get something secured in there if you can. Like a car loan.

[onepowerfullady]

I agree with Sinking...I have zero balances showing on all three of my credit reports and there was a 40 point rise on two of my reports and 25 points on one of them. I would start as soon as possible to get those credit reports accurate. Good luck!